G-7 Finance Chiefs Seek Highest-Standard Regulations on Libra

Economy

Chantilly, France, July 18 (Jiji Press)--Top finance and monetary officials of the Group of Seven major industrial countries on Thursday called for strict regulations on cryptocurrencies, such as Libra planned by Facebook.

Libra and other digital currencies "raise serious regulatory and systemic concerns," said a chair's summary adopted at the two-day meeting of the G-7 finance ministers and central bank chiefs in Chantilly, northern France, through the day.

Cryptocurrencies "would in any case need to meet the highest standards of financial regulation...in order to guarantee they do not affect the stability of the financial system or consumer protection," the document said.

Innovation in the financial sector "can bring substantial benefits," but "can also entail risks," it said.

The meeting was held to lay the groundwork for a G-7 summit in Biarritz, southwestern France, in August.

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